More Homebuilder Deleveraging: Standard Pacific ($SPF)

Standard Pacific Corp. Announces Proposed Concurrent Offering of $150 Million of Convertible Senior Notes Due 2032 and 12.5 Million Shares of Common Stock:

The principal amount of the notes will be convertible into shares of the Company's common stock. The interest rate, conversion rate, conversion price and certain other pricing terms of the notes will be determined at the time of pricing of the offering by the Company and the underwriters. The notes will be guaranteed on a senior unsecured basis by certain of the Company's subsidiaries that have guaranteed the Company's outstanding notes.

The Company also announced the proposed concurrent public offering by the Company of 12.5 million shares of its common stock.

So, both of these transactions are basically taking advantage of a high equity price.